Car Insurance is at its cheapest rate this month – can you make sayings on your policy?
Car insurance can be purchased this month for a cheaper price according to dramatic findings which revealed the time a policy is taken out has a significant impact. The findings revealed August was the cheapest region for cover over the past two years however February was the best time to take out a policy in 2017.
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Three years ago, February was the cheapest month of the entire year with fully comprehensive agreements available for just £544 per year on average.
The figure is 10 percent lower and £62 cheaper than November 2017 which was revealed to be the most expensive time to have secured a deal that year.
August was the cheapest time to purchase a policy in 2019 with an average cost of just £469.
This was a massive ten percent saving and £52 price reduction compared to December which was revealed to be the most expensive region last year.
August was the cheapest month in 2018 with prices slightly higher at an average of £495.
The figures show car insurance prices have fallen year-on-year with a total of £75 saved on the cheapest regions between 2019 and 2017.
According to MoneySuperMarket, average premium costs for cover at the end of 2019 was just £503 compared to £527 the previous year.
However, the group says long term analysis of car insurance prices does show a slight increase in the cost of premiums.
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Average prices in 2013 stood at just £435 compared to today’s cost of £503 in a massive 16 percent increase over the past seven years.
Data from the group shows the current Q4 Average was the highest car insurance costs have been throughout the whole year.
The prices were £31 higher from the previous quarter which saw the cheapest car insurance across 2019.
Emma Garland, data scientist at Money Super Market said: “People purchasing a car often wait until December to secure a bargain, as dealers try and lock in sales before the end of the year. The only downside is that it is generally the most expensive time to buy a car insurance policy.
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“Our data shows that February and August are typically the cheapest months to buy car insurance. This could be because fewer cars are bought, due to people holding off for the new vehicle plates that are issued in March and September.
“Not everyone will have the choice to take out a policy in February and August, but there are still ways to make significant savings.
“Always shop around at the time of renewal to ensure you get the best deal for you – doing so could save you £270.”
The Money Advice Service says motorists over the age of 70 or under 25 could benefit the most from shopping around as this is when premiums are most volatile to change.
Shopping around can save money as car insurance prices sometimes offer discounted deals to encourage more motorists to join the company.
After one year, prices will rise to their normal levels which will give many road users the impression charges have increased.
Analysis from the Financial Conduct Authority has revealed around six minion policyholders pay high prices on their insurance contracts.
Tackling insurance companies spiralling costs could save motorists around £1.2million according to data from the group.
FCA said it is considering introducing changes to tackle high premiums for consumers which could include banning a price rise after one year has expired.
Changes could see the end of automatic renewal and urging companies to move consumers to cheaper deals to give motorists an opportunity to not get caught out.
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